Office-sharing firm One Co.Work acquires Mumbai-based IShareSpace

Delhi-based One Internet Pvt. Ltd, which offers co-working spaces under the brand name One Co.Work, has acquired Mumbai-headquartered IShareSpace.

IShareSpace has been acquired for about Rs 3.5 crore ($475,000), One Internet said in a statement, without elaborating whether the deal was all-cash/stock or cash-cum-stock transaction.

After acquisition, One Co.Work’s capacity will increase to eight centres and over 1,500 seats. Through the purchase, Delhi-based One Co.Work will foray into Mumbai. IShareSpace owns five centres and 750 seats.

As part of the deal, IShareSpace’s clients will be served by the same old staff, the statement added.

Founded in 2016 by Priyanka Krishnan and Aayush Maheshwari, IShareSpace established its first centre in Mumbai and went on to launch co-working spaces in Gurugram, Bengaluru and Chennai. Krishnan holds a degree in master of business administration from Imperial College London and a bachelor’s degree in commerce from Mumbai University. Maheshwari is a graduate from Arizona State University, going by LinkedIn, a professional networking site.

Founded in 2015 by chief executive Himanshu Bindal, One Co.Work is an office space provider and has six facilities across six locations in three regions: Delhi, NCR (National Capital Region) and Bengaluru. Bindal holds a master of business administration degree from Manav Sthali, Delhi. The current acquisition is in line with One Co.Work’s recent initiative, EcoSpaze, which offers affordable office-space to bootstrapped startups, the statement said.

Recent deals in co-working space

The co-working space has seen funding for Awfis, IndiQube, 91springboard, BHIVE and Innov8, among others.

In July last year, SoftBank-backed global office-sharing company WeWork launched in India through a joint venture with Bengaluru-based property developer Embassy Group. According to its website, WeWork operates 22 co-working centres across Bengaluru, Delhi-NCR (National Capital Region) and Mumbai.

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